Axelar’s Sergey Gorbunov on how blockchain cross-chain communications can benefit Web3.0

Cross-chain communications between blockchains are expected to be more than just data transition between two points but how can it connect applications and users for enhanced experiences and fewer gas fees in Web3.0 has been stated by Sergey Gorbunov, co-founder and CEO, Axelar Network, as reported by Cointelegraph.

According to Cointelegraph, with the cryptocurrency industry developing over the past couple of years, blockchain interoperability has reportedly increased in demand for attracting venture capital and players such as Axelar, which became a unicorn company in February. As stated by Gorbunov, the company, founded in 2020, started with a premise that cross chain and multichain capabilities would use to define the cryptocurrency space. 

“We need an ability for the user to execute one call on one chain, and that transaction actually taking place on other chains without them having to go and get a native token of that chain, pay gas, execute themselves and move it back and forth,” Gorbunov said.

On the basis of information by Cointelegraph, Gorbunov emphasised on the point of beyond better experiences for users, interoperability should also result into higher economic outcomes due to interoperable chains having unified liquidity and spending becomes less on gas fees for transactions. 

“Our Web2.0 experience is simpler, and we have to get to the same level in Web3.0 with simpler experiences, and that is what cross-chain enables us to do, to help build those simple experiences,” Gorbunov added.

Moreover, Cointelegraph noted that at Converge22, Axelar was announced as one of the networks ready to integrate with the Circle, the financial technology company backing the USD Coin (USDC) and Euro Coin (EUROC). Circle is expected to unveil a new cross-chain transfer protocol to assist developers develop experiences for sending and transacting USDC natively cross blockchains. Earlier, Axelar unveiled a partnership with Mysten Labs, the infrastructure platform behind the Sui blockchain, to deliver cross-chain communication for developers through General Message Passing and advance the prospect of a super DApp.

(With insights from Cointelegraph)

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